30 C
Friday, June 14, 2024

Galaxy group, Sawasdee to invest Rs 1,000 cr to build luxury flats at Delhi’s Lodhi Road

- Advertisement -
- Advertisement -

NEW DELHI, Aug 7 (PTI): Realty firm Galaxy group and Sawasdee group will invest more than Rs 1,000 crore to develop a luxury project at Lodhi Road in the national capital.

Noida-based Galaxy group has completed two commercial (office-cum-retail) projects in Greater Noida (West), known as Noida Extension, and is developing many projects in Delhi-NCR.

- Advertisement -

“We have been allotted three plots totalling 43,345 square metres at Lodhi Road by Rail Land Development Authority (RLDA),” Pradeep Kumar Agrawalla, chairman of both Galaxy and Sawasdee groups, told reporters.

Out of the total land parcels, he said the company would get around 16,000 square metre to develop residential units for sale purpose, while it will have to develop 278 staff quarters for the RLDA on about 27,000 square metres land.

He said the company would develop around 5 lakh square feet of residential properties for sale purpose.

“We have to pay around Rs 350 crore to RLDA in instalments,” Agrawalla said.

- Advertisement -

He said it would take at least a year to take all approvals for start of the construction works.

Agrawalla said the company has not yet finalised the number of units, size of flats and selling price for this project.

Asked about the investment, Agrawalla said, “the project cost is estimated to be over Rs 1,000 crore for free sale area and 278 staff quarters.” He said the investments would be funded through internal accruals.

Agrawalla said the company would explore more such redevelopment projects in Delhi-NCR.

- Advertisement -

He said the demand for Grade-A commercial real estate and luxury residential properties is very strong.

- Advertisement -
The Hills Times
The Hills Timeshttps://thehillstimes.in/
Welcome to The Hills Times, your trusted source for daily news and updates in English from the heart of Assam, India. Since our establishment in 2000, we've been dedicated to providing timely and accurate information to our readers in Diphu and Guwahati. As the first English newspaper in the then undemarcated Karbi Anglong district, we've forged a strong connection with diverse communities and age groups, earning a reputation for being a reliable source of news and insights. In addition to our print edition, we keep pace with the digital age through our website, https://thehillstimes.in, where we diligently update our readers with the latest happenings day by day. Whether it's local events, regional developments, or global news, The Hills Times strives to keep you informed with dedication and integrity. Join us in staying ahead of the curve and exploring the world through our lens.
Latest news
- Advertisement -
Related news
- Advertisement -
Superfood In Your Diet: 9 Incredible Health Benefits Of Guava 10 Unforgettable Monsoon Destinations In South India 7 Most Beautiful Islands To Visit In India This Summer Top 10 Tourist Places In India During Monsoon 5 Most Beautiful Boarding Schools In India